摘要:水泥行业是国民经济中的重要行业，行业的健康发展是社会进步和经济发展的保证之一。而研究表明，企业的管理尤其是财务管理水平直接影响其竞争力，而营运资金和企业的生产经营活动有着密切的联系。营运资金管理的水平直接影响企业的经营绩效，因此加强营运资金管理成为企业财务管理的重要内容。营运资金管理属于企业短期财务管理的内容，关系着企业的财务状况，进而影响着企业财务最大化的理财目标。本文从营运资金管理的角度来研究其与公司的经营绩效的关系。

　　　本文以企业营运资金管理基本理论为基础，以南通市海螺水泥有限公司为研究对象，分析了该企业的营运资金现状和营运资金管理的现状及存在的问题，从营运资金如何影响经营绩效，经营绩效与现金周期、应收账款周转期、存货周转期之间的关系入手，通过描述性分析、相关性分析和回归分析，提出企业经营绩效与应收账款，存货周转期呈显著负相关关系，与应付账款周转期呈显著正相关关系。进而结合南通海螺水泥公司的营运资金管理的实际情况存在的问题，提出相应的对策，将应收账款周转期、存货周转期和应付账款周转期控制在一个合理的最优水平，以实现营运资金的高效运转，提高企业的盈利能力。

关键词 营运资金；企业经营绩效；营运资金管理

Abstract:The cement industry is an important industry in the national economy. The healthy development of the industry is one of the guarantees of the social progress and economic development. The study shows that the management of the enterprise, especially the financial level is a direct impact on the competition, working capital is closely related to the day-to-day production and operation activities. The level of working capital management is a direct impact on business performance, thus enhancing the working capital management has become an important content of corporate financial management. Working capital management is the content of the short-term financial management, related to the financial position of the enterprise, thereby affecting the maximization of corporate finance financial goals. In this paper, from the point of view of working capital management, we study the relationship between working capital management and the company's operating performance.

　　　In this paper, the basic theory of corporate working capital management, Hailuo cement company in Nantong for the study, analyze the current situation and existing problems of the working capital of the enterprise status and working capital management and how it affects business performance, working capital, working capital performance and cash cycle, accounts receivable turnover, inventory turnover relationship between the start, through descriptive analysis, correlation analysis and regression analysis, business performance and accounts receivable, inventory turnover was a significant negative relationship with the creditors' turnover days was a significant positive correlation. And then combined with the actual situation of Nantong Conch Cement Company's working capital management to make appropriate credit policy and inventory policy, accounts receivable turnover, inventory turnover and accounts payable turnover of control at a reasonable optimal level in order to achieve efficient operation, working capital and to improve the profitability of the enterprise.

Keywords Working capital   Performance of enterprise   Working capita management

　　　本文基于南通市海螺水泥有限公司营运资金管理的现状，研究营运资金与企业经营绩效的关系。具体来说，包括下列内容：1、南通市海螺水泥有限公司营运资金管理的现状如何；2、营运资金与企业经营绩效间的相关关系3、为提高经营绩效，该公司将如何制定营运资金政策。

　　　随着我国工业化进程不断深入，生产技术不断地进步，顾客的需求不断变化，世界经济一体化，激烈的市场竞争使众多水泥工业企业感到要提高经营业绩并不是一件容易得事。企业必须采取一切有用措施以降低生产成本，通过对营运资金管理的理论分析，将理论与实际相结合，使企业的营运资金管理效率有所提高。而长期资产和长期负债在短期内很难调整，企业管理层只能改变流动资产和流动负债。良好的营运资金管理有助于提高企业的资金周转速度和利用率,保证企业供产销良性的循环运行,从而提高企业的盈利能力。

在现代财务理论中，营运资金管理是公司短期财务管理的核心内容，但是由于缺少研究理论，通常情况下进行经验分析，这导致企业营运资金管理效率提高缓慢。本文是为营运资金与经营绩效的关系的研究提供一个参考。